NSE flags AI trading as business risk in IPO filing

India's National Stock Exchange (NSE) named AI use by market participants as a potential business risk in its September 10 IPO prospectus. Transaction charges made up 79.44% of revenue in Q1 FY27, much of it from algorithmic and high-frequency futures and options trading.

• NSE: transaction charges were 79.44% of Q1 FY27 revenue
• On March 24, 2026 the exchange handled 21.89 billion peak order messages and 201 million trades
• NSE warned of manipulation, deepfake scams and AI surveillance failures
• The exchange relies on third-party AI tools developed outside India